Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

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World’s Biggest Wind Power Projects Are in Crisis Just When World Needs Them Most.

“A unit of Spain’s Iberdrola SA agreed to cancel a contract to sell power from a planned wind farm off the coast of Massachusetts. Danish developer Orsted A/S lost a bid to provide offshore wind power to Rhode Island, whose main utility said rising costs made the proposal too expensive. Swedish state-owned utility Vattenfall AB scuttled plans for a wind farm off the coast of Britain, citing inflation…

Soaring costs are derailing offshore wind projects even as demand for renewable energy soars. Extreme heat driven by climate change is straining electric grids all over the world, underscoring the need for more power generation — and adding urgency to calls for a faster transition away from fossil fuels.”

https://www.bloomberg.com/news/articles/2023-07-22/biggest-offshore-wind-power-plans-in-crisis-iberdrola-orsted-vattenfall-hit


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The G20 bloc of wealthy economies meeting in India failed to reach a consensus on phasing down fossil fuels on Saturday after objections by some producer nations.

“Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global heating even as extreme weather across the northern hemisphere underlined the climate crisis facing the world.”

https://www.theguardian.com/world/2023/jul/22/g20-countries-fail-to-reach-agreement-on-cutting-fossil-fuels


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As Temperatures Soar, So Does Demand For Coal…

“Coal consumption is still high and growing in many developing countries, particularly in Asia. This is due to the relative cheapness and abundance of coal, as well as the rapid industrialization of these countries.”

https://www.forbes.com/sites/rrapier/2023/07/22/as-temperatures-soar-so-does-demand-for-coal/


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The U.N. humanitarian chief warned Friday that millions of people are at risk of hunger and death as a consequence of Russia’s withdrawal from the Black Sea grain deal.

“”Some will go hungry, some will starve. Many may die as a result of these decisions,” Martin Griffiths told a meeting of the U.N. Security Council convened to discuss the humanitarian impacts…”

https://www.voanews.com/a/un-aid-chief-warns-end-of-ukraine-grain-deal-means-hunger-or-worse-for-millions-/7191144.html


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China urges resumption of grain, fertiliser exports from Ukraine and Russia.

“China is calling for the resumption of grain and fertiliser exports from Ukraine and Russia as soon as possible following the collapse of a trade deal that ensured the safety of ships passing through the Black Sea.”

https://www.scmp.com/news/china/diplomacy/article/3228596/china-urges-resumption-grain-fertiliser-exports-ukraine-and-russia


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China’s race for growth is fading. So too is its dream of middle-class security…

“China’s economic recovery seems to have stalled, and the CCP’s standing at home still depends on Xi Jinping’s government creating a “Chinese dream” of a middle-class lifestyle. The end of Covid restrictions, just eight months ago, seemed to mark the start of a powerful bounceback… but in the past few months there have been more worrying signs.”

https://www.theguardian.com/commentisfree/2023/jul/23/china-31-point-plan-for-economic-recovery-will-stumble


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Rising Consumer Pain Triggers Wall Street Concern: Credit Weekly.

“US consumers, particularly those with lower incomes, are running into financial trouble as pandemic savings disappear, a headwind for lenders ranging from banks to asset-backed securities investors. The credit outlook is expected to deteriorate later this year…”

https://finance.yahoo.com/news/rising-consumer-pain-triggers-wall-190000829.html


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[US] Freight markets giving off recession vibes.

“Dave Jackson CEO of Knight-Swift on their conference call stated: “I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.”

https://twitter.com/FreightAlley/status/1682818064629346304


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Oilfield services groups are feeling the squeeze from a slowdown in activity in the US shale patch as companies scale back on oil and gas drilling.

“The world’s biggest oilfield services providers, responsible for the industry’s grunt work from drilling wells to building roads, reported a hit to North American revenues this week amid dwindling demand.”

https://www.ft.com/content/0cf7beaa-2eb7-462e-af3d-56aa1be466c1


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Don’t be fooled by inflation – Britain is hurtling towards recession.

“Higher interest rates are now biting hard; splashing the cash is fast giving way to a mentality of job insecurity and belt-tightening… What’s increasingly clear is that some kind of all embracing economic contraction is coming. Quite how bad is in the lap of the gods.”

https://www.telegraph.co.uk/business/2023/07/22/britain-hurtling-recession-inflation-gdp-bank-england/


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Top Euro-Area Economies Flash Recession Warning Signals.

“Germany and France kicked off the third quarter with contractions in their private-sector economies, with sustained weakness in manufacturing seeing increased spillover to services… The dire PMI readings for the euro area’s two biggest economies are a warning for the region as a whole.”

https://www.bloomberg.com/news/articles/2023-07-24/france-germany-flash-pmi-data-give-recession-warning-signals


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European banks forced to hand over more liquidity data to the ECB after SVB collapse.

“In an interview published on the European Centra Bank’s (ECB) website, Andrea Enria, chair of the ECB supervisory board, warned that European banks were still in a “delicate phase” due to the impact of rising interest rates and the war in Ukraine.”

https://www.cityam.com/european-banks-forced-to-hand-over-more-liquidity-data-to-the-ecb-after-svb-collapse/


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Crisis-hit Sri Lanka may allow Indian rupee to be used in local transactions.

“Sri Lanka is considering the possibility of allowing the use of the Indian rupee to be used in local transactions, as the island nation struggles to build its depleted foreign reserves and to emerge from last year’s unprecedented economic crisis.”

https://abcnews.go.com/International/wireStory/crisis-hit-sri-lanka-indian-rupee-local-transactions-101578011


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Surviving Hell: India’s burning coal fields.

“Deadly fires have raged for a century in mines in India’s Jharkhand state, where more than 100,000 people are risking their lives shovelling coal to supply insatiable demands. Underground fires created sinkholes that swallowed people and homes.”

https://www.ucanews.com/video/surviving-hell-indias-burning-coal-fields/102049


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Pakistan International Airlines (PIA), the country’s main airline, has reached a point where it needs money from the national fund to operate for even one day.

“The government is thinking of bringing in specialists to draw a time-bound restructuring plan through shadow management in light of the total accumulated losses, which have exceeded PKR 600 billion…”

https://timesofindia.indiatimes.com/world/pakistan/pakistan-international-airlines-cannot-operate-without-provision-from-national-fund/articleshow/102051875.cms


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Yemen’s Economic Crisis Fuels Mass Protests in Aden.

“Mass protests overtook Yemen’s provisional capital of Aden City last week in response to the rapid deterioration in the country’s economic conditions. Protesters took to the streets demanding that the government quickly fix the raging economic crisis…”

https://themedialine.org/by-region/yemens-economic-crisis-fuels-mass-protests-in-aden/


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Tahsin Becan, Yalova MP for the main opposition Republican People’s Party (CHP), has drawn attention to the alarming increase in child suicides in Turkey amidst the ongoing economic crisis…

“Highlighting the severity of the issue, Becan pointed out that a recent incident involving a child jumping in front of a train at the Marmaray Yenikapı Station in Istanbul was a distressing example of the escalating trend in child suicides.”

https://medyanews.net/alarming-rise-in-child-suicides-amidst-economic-crisis-in-turkey/


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Lebanese Forces chief smuggled $16 MM prior to banking crisis.

“An anti-corruption activist says a large number of politicians, judges, and journalists have benefited from subsidies before smuggling them to offshore bank accounts prior to the collapse of the banking Ponzi scheme.”

https://english.almayadeen.net/news/politics/lebanse-forces-chief-smuggles-16-mil-prior-to-banking-crisis


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Massive crowds rally in Israel as vote on judicial overhaul looms.

“Tens of thousands of Israelis have marched into Jerusalem and more protesters took to the streets in Tel Aviv in a last-ditch show of force aimed at blocking Prime Minister Benjamin Netanyahu’s contentious judicial overhaul plan.”

https://www.aljazeera.com/news/2023/7/23/huge-crowds-march-in-israel-as-vote-on-judicial-overhaul-nears


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Egypt Warns Citizens to Avoid Elevators During Power Cuts, Sparks Outrage…

“First, Egyptians were told to eat chicken feet as a cheap substitute amid soaring food prices. Now, they’re cautioned against using elevators 10 mins before and after the hour to brace for power cuts. An epic stream of failures to address critical crises,” Nancy Okail, president and CEO of Centre for International Policy, expressed on Twitter.”

https://egyptianstreets.com/2023/07/23/egypt-warns-citizens-to-avoid-elevators-during-power-cuts-sparks-outrage/


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Sudan’s banking system ‘teeters on collapse’ amid ongoing war and looting.

“Sudanese economists have issued a stark warning about the nation’s banking system, which they say is facing a “severe decline and may collapse entirely”. The ongoing war between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF) has led to numerous instances of looting, vandalism, and destruction at Sudan’s banks…”

https://www.dabangasudan.org/en/all-news/article/sudans-banking-system-teeters-on-collapse-amid-ongoing-war-and-looting


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A man lies in a Kenya morgue. His family says he’s one of at least 35 shot dead by police this month.

“At the morgue, the bullet was still lodged in Douglas Kalasinga’s head. His family said they couldn’t afford an autopsy. At least 35 civilians have been shot dead by police in Kenya this month during protests over new taxes and the rising cost of living…”

https://abcnews.go.com/International/wireStory/man-lies-kenya-morgue-family-35-shot-dead-101572779


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Nigeria’s Lagos plans mass burials for 2020 protest victims.

“Authorities in Nigeria’s Lagos state were planning a mass burial for 103 people linked to anti-police protests more than two years ago, where demonstrators accused soldiers of killing protesters… The number of victims of the October 2020 protests has been a source of dispute. The latest figure is much higher than previously reported.

https://www.reuters.com/world/africa/nigerias-lagos-plans-mass-burials-2020-protest-victims-2023-07-23/


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Ghana’s Debt Rises 20% in Four Months as Central Bank Loans Added…

“Public debt, which excludes state-owned enterprises obligations, rose to 569.3 billion cedis ($49.7 billion) at the end of April, the Bank of Ghana said on its website. The figure was adjusted to include the central bank’s overdraft to the government, which was securitized in December 2022.”

https://www.bloomberg.com/news/articles/2023-07-22/ghana-s-debt-rises-20-in-four-months-as-central-bank-loans-added


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Personal Finance | Financial Stress is pushing South Africans to the brink…

“DebtBusters’ second annual Money-Stress Tracker, which surveyed 35 000 individuals who were not undergoing debt counselling, found that 78% of respondents were experiencing financial stress. This was impacting their home life, work life and even their health.”

https://www.news24.com/citypress/personal-finance/personal-finance-financial-stress-is-pushing-south-africans-to-the-brink-20230723


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Cuban economy minister says no quick fix to devastating crisis.

“Cuba’s economic growth is less than 2% this year and remains 8 percentage points below pre-pandemic levels, while production in sectors such as agriculture, mining and manufacturing was further behind, Economy Minister Alejandro Gil said on Saturday.”

https://www.reuters.com/world/americas/cuban-economy-minister-says-no-quick-fix-devastating-crisis-2023-07-22/


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Protests Erupt In Guatemala Over Alleged Meddling In Vote.

“Protesters demanded the ouster of Attorney General Consuelo Porras, whose office seeks to disqualify the Semilla (Seed) Party of Bernardo Arevalo, a social democrat who surged into one of two runoff spots, shocking many in the nation.”

https://www.barrons.com/news/protests-erupt-in-guatemala-over-alleged-meddling-in-vote-6a436d6e


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El Niño Threat Looks Underpriced as Emerging-Market Bonds Rally…

“The periodic weather pattern that is currently forming in the Pacific Ocean typically results in hotter, drier conditions and therefore higher food prices in affected nations, giving policymakers more reason to keep pushing up borrowing costs. Among the developing-nation bond markets most at risk are India, the Philippines and Peru.

https://www.bloomberg.com/news/articles/2023-07-23/el-nino-threat-looks-underpriced-as-emerging-market-bonds-rally


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As temperatures rise, what’s the cost to the global economy?

“As millions in the Northern Hemisphere grapple with extreme heat, we look at the cost of the latest climate threats. Record-breaking temperatures this season are the result of heat-trapped gases caused by burning fossil fuels, as well as by the El Nino weather phenomenon.”

https://www.aljazeera.com/program/counting-the-cost/2023/7/22/as-temperatures-rise-whats-the-cost-to-the-global-economy


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Phoenix residents ration air conditioning, fearing future electric bills, as record-breaking heat turns homes into “air fryers”…

“When a cloudless sky combines with outdoor temperatures over 100, your house turns into an “air fryer” or “broiler,” as the roof absorbs powerful heat and radiates it downward, said Jonathan Bean, co-director of the Institute for Energy Solutions at the University of Arizona.”

https://www.cbsnews.com/news/phoenix-residents-fear-future-electric-bills-as-record-breaking-heat-turns-homes-into-air-fryers/


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Funding crisis threatens early warning system that alerted world to Covid-19.

“An influential early warning system for identifying emerging infectious diseases is in danger of financial collapse, raising concerns over experts’ capacity to track future pandemics despite pledges by policymakers to learn lessons from Covid-19.”

https://www.ft.com/content/1dd68210-708e-4570-bd6e-5a8889c2c039


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This alarm clock will wake you up with your worst fears.

“An AI takeover, a deadly volcano eruption, or global warming — the Doomsday Alarm Clock lets you wake up to your innermost fears. Just in case doom scrolling wasn’t enough to remind you of all the bad news, you can now wake up to a reminder.”

https://www.npr.org/2023/07/23/1189659931/this-alarm-clock-will-wake-you-up-with-your-worst-fears


You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.

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